[2015-03-26] CD: Hong Kong Official: Bitcoin Legislation Not Necessary

[LiteCoinGuy]

Hong Kong Official: Bitcoin Legislation Not Necessary

A senior Hong Kong official has indicated that the government does not see a need for legislation that would regulate or ban bitcoin activities.

http://www.coindesk.com/hong-kong-bitcoin-legislation-not-necessary/

[Hazir]

This news is basically aftermath of their previous statement from year 2013: "On 16 November 2013, Norman Chan, the chief executive of Hong Kong Monetary Authority (HKMA) said that bitcoins is only a virtual commodity. He also decided that bitcoins will not be regulated by HKMA. However, the authority will be closely watching the usage of bitcoins locally and its development overseas". And now they just admit that nothing is changed.

[Chef Ramsay]

This is great for future bitcoin businesses to locate there but there should be some private standards put in place that companies would have to get certified by and/or insured by to prevent shysters from coming in an poisoning the well that should start and stay as pristine as possible.